Enterprise in capital constrained markets presents a number of risks and challenges including lack of access to formal finance to sustain enterprise and insurance to protect against losses. This is because low-income business owners do not have the funds to participate in the formal capital markets or insurance sectors or if they do, they are classified as high risk and are penalized with higher interest rates. Starting in the late 1960s, microfinance as a service has become a viable alternative for low-income business owners to protect themselves against shocks while operating their businesses. Microinsurance has also become an invaluable tool to help the poor who disproportionally face greater risks from perils like sudden death of a family member, poor health and environmental dangers like fires and floods to mitigate risks as they operate their businesses.

The growth of microinsurance as an industry has created opportunities for well-funded and established actuarial and consulting firms like Milliman for involvement. The MicroInsurance Centre which was acquired by Milliman in October 2017 serves as a bridge between regulated insurers and intermediaries helping to provide microinsurance products to assist low income business owners. The work of this organization pertains to product development, research, advocacy and projects centered on servicing low income people around the world. Since its inception over twenty years ago, the MicroInsurance Centre has impacted small business owners living in over seventy countries. The Centre’s mission statement is to “Create simple, understood, accessible, valuable, efficient (SUAVE) microinsurance products with value for clients, which represent a business case for the insurer and distribution channel (MicroInsurance Centre at Milliman, 2019).” This capstone project seeks to support the MicroInsurance Centre as it